面向资金约束经销商的闭环供应链融资策略

管理评论 ›› 2021, Vol. 33 ›› Issue (4): 306-314.

面向资金约束经销商的闭环供应链融资策略

高攀¹, 丁雪峰¹, 覃若兰²

1. 三峡大学经济与管理学院, 宜昌 443002;
2. 三峡大学科学技术处, 宜昌 443002

收稿日期:2018-10-26 出版日期:2021-04-28 发布日期:2021-05-06
通讯作者: 高攀(通讯作者)，三峡大学经济与管理学院讲师，博士
作者简介:丁雪峰，三峡大学经济与管理学院副教授，硕士生导师，博士；覃若兰，三峡大学科学技术处基地与平台管理办公室主任，硕士。
基金资助:
国家自然科学基金面上项目（71771139）；湖北省教育厅科学技术研究计划项目（Q20191202）。

Financing Strategies of Closed-loop Supply Chain for the Capital-constrained Dealer

Gao Pan¹, Ding Xuefeng¹, Qin Ruolan²

1. College of Economics and Management, China Three Gorges University, Yichang 443002;
2. Department of Science and Technology, China Three Gorges University, Yichang 443002

Received:2018-10-26 Online:2021-04-28 Published:2021-05-06

摘要/Abstract

摘要： 针对经销商再制造资金短缺问题，本文研究闭环供应链的融资策略。首先，构建无融资时的闭环供应链决策模型，讨论经销商再制造资金水平对闭环供应链最优策略的影响。其次，研究银行贷款融资策略以及股权融资策略，探讨经销商融资策略的选择边界。研究表明：当经销商再制造初始资金比较紧缺时，初始资金水平和风险投资方股权分红比例是融资方式选择的关键；当两种融资策略给经销商带来相同的效益时，股权融资策略使得产品售价更低、市场总销量更高，从而使得经销商再制造具有更好的社会效益。

关键词: 资金约束, 融资策略, 再制造, 闭环供应链

Abstract: Aiming at the problem of funding shortages of the dealer, the financing strategy of closed-loop supply chain is studied. Firstly, the decision model of closed-loop supply chain is constructed without financing, and the influence of the remanufacturing capital level on the optimal strategy is discussed. Secondly, the bank loan financing strategy and the equity financing strategy are researched, and the selection boundary of the dealer’s financing strategy is explored. The research shows that when the initial fund is in short supply, the level of the initial capital and the ratio of equity dividend are the keys to the selection of financing methods. When two kinds of financing strategies bring the same benefits to the dealer, equity financing strategy makes the product price lower and total market sales higher, leading to the remanufacturing has better social benefits.

Key words: capital constraints, financing strategies, remanufacturing, closed-loop supply chain

高攀, 丁雪峰, 覃若兰. 面向资金约束经销商的闭环供应链融资策略[J]. 管理评论, 2021, 33(4): 306-314.

Gao Pan, Ding Xuefeng, Qin Ruolan. Financing Strategies of Closed-loop Supply Chain for the Capital-constrained Dealer[J]. Management Review, 2021, 33(4): 306-314.

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